Soybeans rallied to double-digit gains shortly before the release of the report. Corn was dow 4 to 5 cents.
Harvested acres for both corn and soybeans came in lower than expected as USDA accounted for more of the abandonment.
Soybean export demand jumped to 1.45 bb in 2013-2014 from the September estimate of 1.37 bb. This helped offset an increase in production due to higher yield.
Still, USDA refuses to acknowledged it is likely 30 mb off on its 2012-2013 ending stocks number. Just think if this were accurate, 2013-2014 ending stocks would be back near 140 mb.
Corn ending ...